The Obama administration adopted a rule this week and is proposing new federal laws that will impact what information corporations must disclose regarding its owners. US corporations are creatures of state governments, individually chartered under the laws of the state of its incorporation. Most states do not require corporations to publicly disclose the identity of their legal or beneficial owners. This anonymity of ownership has long been a hallmark of the US free enterprise system. The new regulation and proposed law threatens to bring this era to an end.